Thread regarding Charles Schwab Corp. layoffs

Good info

Here's what I've pulled together from threads on the Layoff, official communications from Schwab, the Fall Corporate Update and stuff I'm hearing in conversations with leadership.

  1. Layoffs happening in Q4 this year and again in 2024. Layoffs won't be a one and done. Schwab realizes that can't do all the layoffs this year or in one big action.
  2. Layoffs happening in Q4 this year are not happening over 1 day, probably over several days. People at the IMPACT conference could come home to manage layoffs or be laid off.
  3. Some leaders have had layoff training already, in the past layoffs have started within days of this training.
  4. The company is still holding tight on the layoff start date, but is unconcerned about the 60 day period we all seem to be obsessed with because they have acknowledged publicly these actions will now go into 2024.
  5. The company is reorganizing. This will happen soon after Layoffs begin. Schwab is changing the way it approaches people leadership. There will be a significant number of people leaders laid off in. 6. Schwab will try to even out the number of people managed under people leaders and lower the number of levels between top and bottom.
  6. Bonus / pro-rated bonuses will be given to most of the laid-off in addition to severance to soften the blow.
  7. RTO is happening as planned at the start of the new year. Employees should expect the possibility of at least 1 restacking effort in their location during 2024.

Bettinger will be stepping down soon, perhaps announced by years end, with Rick Wurster moving up.

Bumping from @obk+1pgQ8Vz0 for great info. Thanks OP for posting this!

by Anonymous
| 3861 views | | 4 replies (last October 26, 2023) | Reply
Post ID: @OP+1phKQwEe
Comment! It's anonymous!

4 replies (most recent on top)

For better or "wurster" it seems like the decision has been made to make Wurster the next King of Schwab. He certainly lacks communication skills which won't help to calm or build confidence in shareholders when he does interviews on CNBC or FOX, or make employees feel any better.

Hopefully his management skills are better.

by Anonymous
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Post ID: @amb+1phKQwEe

Thanks for compiling!

Is Wurster the best choice to lead?. Have not heard positive things about him as a leader.

by Anonymous
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Post ID: @wyk+1phKQwEe

thanks for compiling, these posts are useful towards the end of the week when a lot of info is in flight.

the layoffs "happening into 2024" might not be simply stacking the dates in the coming weeks. That might be well after RTO and performance reviews when they are expecting another mass exodus of disgruntled folks. there has been a lot of chatter here that the number of people who left voluntarily over the last few months was nothing really above average (1000 people) and mostly low level reps that get churned quick. they also stated MOST of the reductions in jobs will happen in 2023, so we can expect the 2024 round to be smaller..

we all have to stop using logic and pinpointing "what makes sense" because its pretty clear all logic has gone out the window. I was actually told that they date they have picked wont make any sense when it actually happens but they have their reason for choosing it..so i wouldnt expect IMPACT or conversion to be limiting factors in it happening soon.

regardless...because of the incredibly poor communication, incredibly lack of transparency and general disregard for employee well being we are all in the same dark boat. and rely on "what have you heard" from this site for any information to try and figure out how our LIVES will be effected.

by Anonymous
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Post ID: @hpf+1phKQwEe

Other factors are retirements that will be thrown into the mix. Within my org I know of a few public retirements early next year, as well as some that have whispered about retiring.

Thankfully these are higher lvl folks, so one of them delivers more cost savings.

by Anonymous
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Post ID: @ksh+1phKQwEe

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